Live Cattle

Technicals (October - V)

October live cattle futures continued to trade in a choppy manner but did tack on some gains at the close. Fear in the outside markets has subsided some which has calmed the nerves some. First resistance for today's trade comes in from 180.575-181.175. If the Bulls can chew through that pocket a retest of the 50% retracement (the midpoint of the recent high to low) could be in order, that comes in at 182.675. We continue to be in the camp that relief rallies are likely to be viewed as selling opportunities, particularly in the back months and for those who need to protect/hedge the physical. On the support side of things,

Resistance: 180.575-181.175***, 182.675-183.275****
Pivot: 179.35-180.50
Support: 176.35-176.22***

Weekly Export Sales
Beef: Net sales of 10,000 MT for 2024 were down 43 percent from the previous week and 27 percent from the prior 4-week average.

Daily Livestock Summary
Yesterday's cutout values were softer with choice cuts down 1.96 to 313.85 and select cuts down .79 to 298.83. The 5-area average price for live steers was reported at 192.67. Daily slaughter came in at 122k head, in line with last week and last year. Week to date slaughter stands at 363k head.

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